While 57% of clients under age 34 would ideally like to retire by the time they turn 60, only 27% think that’s realistic, with 70% expecting to have to work well into their old age, finds a TD survey.
The survey also finds that 78% of millennials aren’t saving for retirement because they don’t earn enough.
You can help young clients out by advising them to take full advantage of employer contribution-matching programs, and setting up automatic withdrawals from their accounts.
To learn more about how young investors think about money, read our interview with a 23-year-old investor.
My generation has different consumption habits from previous generations. Because some of us don’t have the stable, long-term jobs that support large mortgage and car payments, we’ve helped feed the condo craze, as well as services like car sharing.